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H.R. 3871: Protecting the Independent Funding of the Office of Financial Research Act


The text of the bill below is as of Jul 22, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 3871

IN THE HOUSE OF REPRESENTATIVES

July 22, 2019

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Financial Stability Act of 2010 to preserve the independent funding of the Office of Financial Research.

1.

Short title

This Act may be cited as the Protecting the Independent Funding of the Office of Financial Research Act.

2.

Preserving independent funding

The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended—

(1)

in section 152—

(A)

by amending subsection (c) to read as follows:

(c)

Budget

(1)

In general

The Director shall have sole discretion to establish the annual budget of the Office.

(2)

Minimum Funding Level of the Budget

The annual budget of the Office in any given fiscal year shall not be less than a dollar amount equal to the budget of the Office in fiscal year 2017.

(3)

Adjustment of Minimum Funding Level

The dollar amount referred to in paragraph (2) shall be adjusted annually by the Director, using the percent increase, if any, in the employment cost index for total compensation for State and local government workers published by the Federal Government, or the successor index thereto, for the 12-month period ending September 30 of the year preceding the annual budget.

;

(B)

in subsection (d), by striking , in consultation with the Chairperson, each place such term appears;

(C)

in subsection (h), by striking , in consultation with the Chairperson,; and

(D)

in subsection (i), by striking , in consultation with the Chairperson,;

(2)

in section 155—

(A)

in subsection (d), by inserting before the period the following: , as determined in the sole discretion of the Director; and

(B)

by adding at the end the following:

(e)

Reviewability

Notwithstanding any other provision of this subtitle, the funding pursuant to subsection (d) shall not be subject to review by the Committees on Appropriations of the House of Representatives and the Senate.

(f)

Preservation of the Office of Financial Research’s independence

Nothing in this section shall authorize the Secretary to influence the budget or the number or compensation of employees of the Office.

.